What Is SelfKey?
SelfKey is a leading decentralized identity management system that aims to return control over personal data back to users, thus enabling users to achieve digital self-sovereignty on Web3 and the Metaverse. The existing and functioning components of the SelfKey ecosystem like the KEY token, SelfKey Wallet, and the SelfKey Marketplace, along with the latest proposals in the POI whitepaper (POI Platform, Living Avatar NFTs), together may help SelfKey evolve to become the provider for digital identity on Web3 and the Metaverse.
During its token sale in 2018, SelfKey raised $22 million, and currently, SelfKey (KEY) trades at $0.00341, with a market cap of $20.3 million and a circulating supply of almost six billion tokens.
SelfKey Background: KEY To Identity In Web3 & The Metaverse
Data has been for years now the oil of the 21st century. So it’s a significantly important segment, especially blockchain solutions that solve many of today’s problems around data such as hacks, monopolies, cybersecurity, privacy, abuse, surveillance, improper targeted advertising, and national security.
In addition, many blockchains and corporations today use their own data servers, data centers, hardware, and cloud services, but oftentimes these systems are vulnerable to data breaches and security hacks.
As a result, SelfKey’s mission is to change how the world manages and processes identity transactions using blockchain technology. Doing this will create a safer world where personal data and privacy are protected.
SelfKey 2.0 aims to be the ‘KEY to the Metaverse’ by strengthening and providing an identity layer to the Metaverse. The main purpose of SelfKey 2.0 is to adapt SelfKey as the identity provider for Web 3.0 and the Metaverse.
Lastly, the market for blockchain identity management is expected to grow to $2 billion by 2023, growing at an annual rate of 80%.
Overview Of SelfKey’s Platform & Service Parts
SelfKey is an identity system built on an open platform consisting of several key components including SelfKey Foundation, a non-profit foundation whose charter and governance enshrines the principles of self-sovereign identity, a technology stack with a free and open-source identity wallet for the identity owner, a marketplace with real products and services, a JSON-LD (machine-readable) protocol, connection to 3rd party identity microservices that comply with KYC laws and regulations, and a native token called KEY that enables the SelfKey ecosystem to exchange value and information in an efficient, fully-digital, self-sovereign manner.
Technology-wise, SelfKey uses the Ethereum blockchain, and at the bottom of its technology stack are the validating nodes. Then at the blockchain layer is where SelfKey’s key parts are: storage, key management/recovery, protocols, ID wallet, and ID Microservices. Lastly, is the application layer, which includes the wallet which is completely open-source.
What Can You Do With SelfKey?
First, SelfKey gives individuals their digital sovereignty in Web3 and the future Metaverse. SelfKey 2.0 aims to augment personalization and user experience with Living Avatar NFTs and the MetaProof Platform. The Living Avatar NFTs will redefine digital identity and its security for users while the MetaProof Platform offers protection from Sybil attacks which will further strengthen identity digitization on the blockchain. Moreover, people can become censorship-proof, and individuals can securely store and manage their digital identity, KYC documents, and other digital assets including NFTs.
Second, SelfKey has a secure wallet for KYC data and other assets, which allows people to keep their sensitive KYC data secure in their wallet and lets them enjoy one-click verification for Web3 platforms, DeFi exchanges, and bank accounts.
Third, for more day-to-day affairs, SelfKey allows people to start a new business, open a new bank account, or get documents notarized through the SelfKey Marketplace. Powered by the KEY token, the SelfKey Marketplace provides access to a variety of services with full transparency on documentation requirements, cost, and total processing time.
How To Get Started With SelfKey?
In order to get started with SelfKey, interested users can choose to download their wallet, which is Mac, Linux, Windows, and iOS compatible.
After downloading the application, an individual will need to create a password, write down a recovery phrase, and choose an Ethereum address, and once this is done, the individual will be able to access the SelfKey dashboard, which is essentially a super-app that does all things such as identity, marketplace, and DeFi transacting,
The SelfKey Marketplace is one of the more interesting aspects of this service, and it’s where people can use SelfKey to set up their business, handle passport and residency affairs, bank accounts, do notaries, loans, as well as exchanges and DeFi. So it’s a super app in the making. Increasing adoption will likely take SelfKey to new heights.
How To Trade SelfKey On Phemex?
SelfKey is available on Phemex to spot trade under the ticket KEY/USDT. It can be found by going to the Markets tab, typing KEY in the search, and by going to the KEY trading engine.
Blockchain-based identity management is going to be a consistently rising market, and SelfKey with its innovative products focused on decentralization like the MetaProof Platform, and Living Avatar NFTs, enables it to become a crucial player in Web3 and the Metaverse. In addition, SelfKey is well-positioned to take market share through its multiple offerings in identity, DeFi, and real-world applications in digitizing passports, finalizing business processes, and setting up bank accounts. Given these reasons, SelfKey has a good business model that’s worth exploring and investing in, especially once the next wave of Web3 and the Metaverse takes off.